The New Zealand Dollar (NZD) recovers against the US Dollar (USD) on Thursday, despite a worsening macro picture after bouncing off technical support at the important 50-day Simple Moving Average (SMA).
The New Zealand Dollar bounces on Thursday after finding a floor at the key 50-day SMA. The Kiwi recovers after three days of losses and despite a worsening macro backdrop – normally a negative for NZD. NZD/USD remains in a long-term downtrend, with US labor data and commentary from Fed’s Powell as potential near-term influences. The 50-day SMA is used as a key guide to investing by institutional investors, such as pension fund managers, and retail traders alike.
New Zealand Dollar vs US Dollar: Daily Chart The trend is bullish in the short term and a decisive break above the November 3 high at 0.6001 would reconfirm this bullish bias, with a likely target thereafter at the 0.6055 October high. However, the medium and long-term trends are still bearish, suggesting the potential for more downside is strong. New Zealand Dollar vs US Dollar: Daily Chart A break below 0.5884 would signal a continuation of the broader downtrend to a target at the 0.
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